FIRST MAJESTIC SILVER CORP

First Mint LLC, Nevada, United States

First Mint, LLC ("First Mint") is the Company’s operating minting facility located in Nevada, United States. First Mint expands upon the Company’s existing bullion sales through vertically integrating the production of investment-grade fine silver bullion, and the Company expects that First Mint will allow the Company to sell a greater portion of its silver production directly to its shareholders and bullion customers. First Mint operates some of the most innovative processing equipment in the precious metals industry, including an environmentally friendly flameless tunnel, which uses significantly less electricity and produces near zero emissions when compared to traditional minting processes. First Mint enables the Company to turn its own silver into an array of finished bullion products, and provides manufacturing capacity for third-party demand. The Company owns 100% of First Mint.

(1) This table is inclusive of the Company's bullion store and its minting facility in Nevada, United States.

(2) Average realized price per ounce is disclosed on the Company's financial statements in Note 4 - Segmented Information.

Commissioning for First Mint commenced in March 2024 and was focused on commissioning production and research and development. The facility will be able to provide a steady supply of cast bars and one-ounce silver rounds, with additional capacity to service third party orders. First Mint officially celebrated its inauguration on September 26, 2024. While silver bullion sales by First Mint commenced in March, the inauguration celebrated the mint’s progress to-date on implementing innovative production and fulfillment processes at the facility. During this time, the Mint also commissioned several pieces of new equipment including coin presses, lasers, etching equipment for bar and coin manufacturing and is expected to receive ISO 9001 certification in 2025. This quality certification will allow silver products sold by First Mint to be Individual Retirement Account ("IRA") eligible, permitting investors to hold these silver products within approved retirement accounts. First Mint enables First Majestic to turn its mined silver into an array of finished bullion products for direct sale to the public and offers manufacturing capacity for third-party demand.

During the year, First Mint and the Company's bullion store collectively sold 521,979 ounces of silver, representing a 53% increase compared to 340,432 ounces sold in the prior year through the bullion store. The ounces sold through First Mint accounted for 6% of the Company’s total silver production during the year.

Total revenues for the year were $16.0 million at an average realized price of $30.66 per ounce, representing an 80% and 17% increase, respectively, compared to revenues of $8.9 million at an average realized price of $26.11 per ounce in the prior year.

During the fourth quarter, First Mint set a new record for quarterly sales, with 294,278 ounces of silver sold, representing a 251% increase compared to 83,852 ounces in the prior quarter. The ounces sold through First Mint accounted for 13% of the Company’s total silver production during the fourth quarter of 2024.

Total revenues for the fourth quarter were $9.1 million at an average realized price of $30.76 per ounce, representing a 240% increase and a 3% decrease, respectively, compared to revenues of $2.7 million at an average realized price of $31.78 per ounce in the prior quarter.